TBAR Reporting

TBAR means the transfer balance account report. This is new report to be lodged with ATO to report certain events in addition to annual SMSF tax return.

What does need to be reported to ATO in TBAR?

Basically, trustees need to report any events that have impact on a member’s transfer balance, such as:

the value and the type of income stream

LRBR payments

Establishment of new income stream

When should TBAR be lodged?

This will depend on whether the total superannuation balance of the SMSF is more than $1 million or not. If yes, it needs to be lodged in 28 days immediately after the events. If not, it can be lodged with the annual SMSF tax return.

How to report TBAR?

Most SMSF administrators can lodge TBAR simply by SMSF software or from tax agent portal.

You can request to reverse or cancel the lodged TBAR reporting with ATO. This can be done through SMSF software or tax agent portal. After correcting errors, you can re-lodge the correct version with ATO.